This is a simple listing (not in any special order) of Ghana’s top banks and financial institutions intended to introduce to you the companies which have been running the banking sector in Ghana for the past few decades. Some of these banks are fairly new in Ghana, but many of them have been operating in Ghana for not less than 4 decades.
By definition, according to Investopedia, a bank is a financial institution duly licensed by the state to take deposits and offer loans. This means anyone who takes deposits or makes loans must obtain a license from the government-appointed regulator.
A bank can also offer financial asset management services and currency exchange, and as part of receiving deposits, they often provide safe deposit boxes.
The information collected unto this list of top banks and financial institutions in Ghana is from publicly available resources and compiled by our editorial team, feel free to contact us if you wish to make any changes or to include your financial institution.
1. Bank of Ghana
Establishment in 1957
On the 4th March 1957, just two days before the declaration of political independence, the Bank of Ghana was formally established by the Bank of Ghana Ordinance (No. 34) of 1957, passed by the British Parliament. Frantic preparations then began to put in place an organisational structure for the new central bank. By the middle of July 1957, all was set for the official commissioning of the new Head Office of the Bank on the High Street.
In his opening address at the end of July 1957, the then Leader of Government Business (Prime Minister) stated with pleasure that the occasion marked the beginning of independent monetary administration in the newly independent Ghana – a cherished dream had at long last become a reality.
The current law under which the Bank operates is the Bank of Ghana Act, 2002 (Act 612)
Functions of the Central Bank of Ghana
- Formulate and implement monetary policy aimed at achieving the objects of the Bank;
- Promote by monetary measure the stabilisation of the value of the currency within and outside Ghana;
- Institute measures which are likely to have a favourable effect on the balance of payments, the state of public finances, and the general development of the national economy;
- Regulate, supervise and direct the banking and credit system and ensure the smooth operation of the financial sector;
- Promote, regulate and supervise payment and settlement systems;
- Issue and redeem the currency notes and coins;
- Ensure effective maintenance and management of Ghana’s external financial services;
- License, regulate, promote and supervise non-banking financial institutions;
- Act as banker and financial adviser to the Government;
- Promote and maintain relations with international banking and financial institutions and subject to the Constitution or any other relevant enactment, implement international monetary agreements to which Ghana is party; and
- Do all other things that are incidental or conducive to the efficient performance of its functions under this Act and any other enactment.
2. United Bank for Africa – UBA Ghana
United Bank for Africa (Ghana) Limited (UBA) Address: PMB 29, Ministries, Heritage Towers, Ambassadorial Enclave, Off Liberia Road, Ridge, Accra-Ghana. United Bank for Africa (UBA) PLC is a leading pan-African financial services institution with a global footprint. We have a clear purpose to be a role model for African businesses by creating superior value for all our stakeholders
United Bank for Africa (Ghana) Limited pioneered the entry of a new generation of foreign banks into the country in January 2005.
The presence of UBA Ghana in the banking industry in Ghana over the last thirteen years has galvanized banking to a higher performance level where competition and innovation in responding to the needs of the customer have become the driving force of the industry.
3. Absa Bank Ghana Limited
Absa Bank Ghana Limited is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Absa Group Limited is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42,000 employees.
4. Universal Merchant Bank (UMB)
Universal Merchant Bank (UMB) is a full-service financial institution specializing in customized banking products and services. Opened on March 15, 1972, UMB is a leading Ghanaian indigenous bank with considerable financial expertise.
The bank can adequately address the financial needs of various segments of the market through its Corporate, Business, Private, Personal, and Internet Banking departments.
5. Guaranty Trust Bank (Ghana)
Guaranty Trust Bank (Ghana) Limited (GTBank) is a leading universal bank in Ghana providing unparalleled banking products and services to retail, corporate, commercial, and SME customers.
The Bank is the largest subsidiary of Guaranty Trust Bank Plc, one of the foremost banks in Nigeria with a Triple-A rating; the first indigenously owned sub-Saharan bank to be quoted on the London Stock Exchange.
6. First National Bank Ghana
4th on our list of top banks and financial institutions in Ghanan is First National Bank Ghana, a subsidiary of FirstRand Group of South Africa that offers retail, business, and corporate & investment banking services. At First National Bank Ghana Limited we take pride in providing innovative banking solutions and services to corporate institutions and individuals across all sectors of the economy leveraging on technology.
The Bank has dedicated client engagement teams that strive to provide outstanding levels of service customized to the needs of our customers. Their experienced and specialized team is passionate about service excellence, committed to delivering quick responses on day-to-day queries, and providing specialist knowledge for resolving complex requests.
7. Access Bank Ghana Plc
Access Bank Ghana Plc is a subsidiary of Access Bank Plc. The Access Bank Group’s international network spans sub-Saharan Africa’s three monetary zones (Congo DRC, Gambia, Nigeria, Rwanda, Sierra Leone, and Zambia) and the United Kingdom.
The Bank’s well-established global network enables it to provide customers and other stakeholders with valuable local knowledge and contacts, and the distinct advantage of a truly international Bank.
8. Fidelity Bank Ghana
A personal favourite on our list of Ghana’s top banks and financial institutions is Fidelity Bank.
After operating successfully as a Discount House for eight years, Fidelity Bank was granted a universal banking license as the 22nd Bank by the Bank of Ghana.
Currently the 7th Largest Bank in Ghana in terms of Assets, owned by Ghanaian individuals and institutional investors including Africa Capital, SIC Life, SSNIT, etc.
The vision of Fidelity Bank is to become a world-class financial institution that provides superior returns for all stakeholders
9. Standard Chartered Bank Ghana Limited
Standard Chartered Bank Ghana Limited is the oldest commercial bank in Ghana and has been listed on the Ghana Stock Exchange since 1991. It began its operations in 1896 as the Bank of British West Africa and served as the Central Bank of the Gold Coast in the pre-independence era until 1953.
The Bank has three client segments – Corporate and Institutional Banking, Retail Banking and Commercial Banking supported by five product groups – Transaction Banking, Financial Markets, Retail Products, Wealth Management and Corporate Finance.
10. Ecobank Ghana
Ecobank Ghana Limited (Ecobank) was incorporated on January 9, 1989, as a private limited liability company under the Companies Code to engage in the business of banking. Subsequently, the bank was licensed, to operate as a merchant bank, by the Bank of Ghana on November 10, 1989, and commenced business on February 19, 1990. In Ghana, Ecobank has grown consistently over the years to become one of the well-recognized corporate brands in the banking industry.
In 2003, Ecobank acquired a universal banking license and in July 2006 it was listed on the Ghana Stock Exchange (GSE). The Bank has embarked on a strategic shift from a predominantly Wholesale Bank to a Universal Bank with 67 branches, numerous point-of-sale terminals, several merchant QR codes in shops, with over 242 ATMs well-sited across the country.
11. Zenith Bank (Ghana) Limited
Since its inception in Ghana in April 2005, the Zenith brand has been synonymous with its cutting-edge ICT platform, passionately innovative staff, and devotion to the development of top-of-the-range products and services to meet customer needs. Zenith Bank (Ghana) Limited is an epitome of a stable and strong institution with a brand and customer service that are the envy of its peers.
Zenith continues to play a major role in the transformation of the banking industry into an intensely competitive, customer-oriented, more efficient, and technologically inclined industry. Indeed, before Zenith commenced operations relationship banking was novel, e-banking was almost restricted to ATMs, banking was limited to a few hours in the day and weekend banking was almost non-existent.
The bank pioneered several of the innovations currently prevalent in the industry. Zenith remains outstanding in the pursuit of excellence and this has culminated in the bank receiving notable local and international awards.
12. GCB Bank
In a world where nothing stands still, GCB Bank now occupies an environment with more intense competition and higher consumer expectations than ever before. Internet and mobile connectivity have increased beyond measure bringing new knowledge and higher expectation of service. This has significantly changed the way banking business is done and how it is perceived by the public.
To maintain its position as the leading bank in Ghana and to continue to grow, the bank has refocussed and re-armed its position in the marketplace through a new, evolved brand, better communication, and a tireless commitment to serving its customers better.
13. CalBank
Currently the most innovative Ghanaian Bank, CalBank commenced operations in July 1990, providing world-class financial solutions to the Ghanaian banking sector.
CalBank promises to deliver services you can always bank on. Their customer-centric approach in service delivery is underpinned by the bank’s ethos of customer delight.
It is out of this that the slogan ‘Forward Together’ continuously drives the bank to play an important role in the Ghanaian financial sector by providing total banking services to personal, commercial, and corporate clients in Ghana and beyond.
14. Agricultural Development Bank of Ghana – ADB
Agricultural Development Bank (ADB) Limited is a universal bank offering a full range of banking products and services in Consumer, Corporate, Parastatals/Public Sector, SME, Agriculture, Trade and E-Banking services. Its business focus is universal banking with a developmental focus on Agriculture and more.
The Bank successfully listed on the Ghana Stock Exchange (GSE) on December 20, 2016.
15. Société General (Ghana) Limited
Stronger than ever, Societe Generale Ghana stands tall among the Tier A banks today by providing retail and corporate clients with dedicated innovative products and services, aimed at satisfying and anticipating customer needs. Societe Generale Ghana is sturdily gaining ground with a 4.7% market share and gearing towards an active customer base of 200,000 across 42 outlets in Ghana. Originally from the Societe Generale Group – our parent company headquartered in France, our brand resonates in 19 African countries and in 67 countries worldwide where we are pleased to serve millions of individual clients, businesses, and institutional investors.
16. Stanbic Bank Ghana Limited
Stanbic Bank Ghana is a member of Standard Bank Group, which operates out of 20 countries in Africa and 12 in other parts of the world. Stanbic Bank Ghana joined the league of first-tier banks in the country in 2009. Stanbic Bank Ghana focuses on connecting other selected emerging markets to Africa and each other, applying our sector expertise, particularly in natural resources, globally.
They believe their key differentiator is people who are passionate about our strategy, wherever in the world they are based. Stanbic Bank Ghana’s three main pillars of business are Personal & Business Banking, Corporate & Investment Banking, and Wealth Creation
17. Prudential Bank Limited
Prudential Bank Limited (PBL), a leading indigenous Ghanaian bank commenced business in August 1996.
Truly Dependable encapsulates what we stand for: a Bank that consistently offers unique financial solutions to its diverse range of customers.
Since incorporation, PBL has successfully operated as a full-service licensed universal bank. We provide a wide range of superior banking solutions through 44 business locations and secure electronic banking channels, as well as 2 wholly-owned subsidiaries.
18. OmniBSIC Bank Ghana Limited
OmniBSIC Bank is a merger between erstwhile OmniBank and Sahel Sahara Banks. This merger was necessitated by sector reforms introduced by the Bank of Ghana in 2017 aimed at strengthening the Ghana Banking Industry by increasing the minimum capital requirement of banks.
Furthermore, since both banks shared similarities in business models, values, banking experience, and we’re both committed to offering unmatched customer service in Ghana’s banking industry, the merger between OmniBank and Sahel Sahara Bank was a perfect fit.
19. Republic Bank Ghana
Republic Bank (Ghana) Limited formerly, HFC Bank (Ghana) Limited is a subsidiary of Republic Financial Holdings Limited (RFHL) of Trinidad & Tobago. Republic Bank is a leading Universal Banking Institution in Ghana and arguably the most diversified Financial Institution.
With our history of Home Finance Company in Ghana, we have been very instrumental in the development of the mortgage industry in Ghana and continue to be the number one home loan provider in the country.
We have supported many Ghanaians both home and abroad to own their homes. We understand that Banking is not a repeat purchase of our services by our customers but as a development process where we provide services by appreciating our customers’ needs and building deeper and more effective customer relationships. Having this as the thrust of our business, we provide innovative products that cut across our varied customer base.
20. Bank of Africa Ghana Limited
BANK OF AFRICA – GHANA (BOA-GHANA) Limited commenced operations in the country after obtaining its Banking License from the Central Bank on 11th November 2011. The Bank’s focus and commitment to developing deep relationships with customers have driven its growth in recent years.
With a current branch network of 26 spread across 6 regions in Ghana, the bank’s expansion strategy is set to bring banking closer to its existing and potential clients.
BANK OF AFRICA is focused on providing exceptional services that afford clients convenience whiles meeting their banking needs. This has informed the bank’s continuous investment into technology to provide safe and secure banking and also improve customer experience.
21. Consolidated Bank Ghana Limited (CBG)
Consolidated Bank Ghana Limited (CBG) is an Indigenous Ghanaian Universal Bank licensed by Bank of Ghana under the Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
The Bank started operations on August 1, 2018. With its Corporate Head Office located in Accra, the Bank has 114 branches across 13 regions in Ghana.
22. FBNBank (Ghana) Limited
FBNBank Ghana Limited is a subsidiary of First Bank of Nigeria Limited, West Africa’s premier bank and Nigeria’s number one bank brand. FBNBank Ghana Limited was formerly International Commercial Bank (ICB) which commenced operations in Ghana in November 1996.
Following the acquisition of 100% equity stake in the West Africa Operations of ICB by First Bank of Nigeria Limited in 2013 and upon the approval of the Bank of Ghana, the name of the Bank was changed to FBNBank Ghana Limited.
FBNBank Ghana Limited currently operates 19 branches and 2 agencies across Ghana. All our branches are networked to facilitate transactions of business by our customers from any of the branches.
23. First Atlantic Bank Limited
Originally founded as a merchant bank, First Atlantic Bank, in 2011 became a universal bank with an expanded product portfolio. First Atlantic Bank has won several awards recognizing our excelling leadership in customer care, trade finance, and corporate banking.
First Atlantic Bank offers distinctive services in retail, corporate and institutional banking as well as private banking and electronic banking. Each category comprises a range of innovative services designed to provide convenience to our customers.
Their business is based on building lasting partnerships with our stakeholders in a manner that creates real value for all.
24. National Investment Bank Limited (NIB Bank)
NIB Bank has been in existence since the second world war in 1952, NIB was known as Gold Coast Industrial Development Corporation (GCIDC)
The Gold Coast Industrial Development Corporation (GCIDC), encouraged entrepreneurship among the indigenes in the areas of furniture making and baking.
The history of the Bank can be traced to the end of the Second World War (WWII). Agitations from the indigenes against imports led to a general boycott by the local population led by the Association of West African Merchants (AWAM). The colonial administration decided to establish an entity that would facilitate the involvement of private indigenous persons in business
NIB’s immense support to the agro-processing industry, in 1965, inspired the transformation of the Agricultural Department of the bank into the Agricultural Development Bank
Conclusion
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